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According to reports, South Korea’s LG Chemical Company plans to cooperate with two Kazakhstani companies in Kazakhstan to invest US$4.2 billion in petrochemical projects. The project financing includes a loan of 2.97 billion U.S. dollars and a joint venture partner investment of 1.27 billion U.S. dollars. LG Chemical plans to invest 7169 billion won (about 636 million U.S. dollars) in 50% of the shares, while Kazakhstan's state-owned Union Chemicals Co., Ltd. and privately held SAT company will each have 25% of the shares. The proposed project is located in the Atyrau region and will produce 800,000 tons of polyethylene per year.